In an open meeting, the CFTC approved three final rules: (i) one concerning position limits for derivatives, (ii) one extending the Phase VI compliance date of the margin requirements for uncleared swaps for swap dealers and major swap participants, and (iii) one exempting certain foreign intermediaries from the requirement to register as CPOs.
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The U.S. Treasury Department released a report detailing plans to reduce burdens of capital markets regulation.
The SEC is set to order an inflation based adjustment to the dollar amount thresholds applicable to the minimum net worth requirements of "qualified clients" under the Investment Advisers Act. The threshold adjustment permits investment advisers to charge performance-based fees.
The CFTC's final rule on trade options was published in the Federal Register. The rule amends the limited trade options exemption in the CFTC Regulations in order to substantially reduce and/or eliminate certain reporting and recordkeeping requirements for end users entering into trade options.
The CFTC's proposed amendments to the trade option exemption for end users were published in the Federal Register. The trade option exemption pertains to reporting requirements for trade option counterparties that are not swap dealers or major swap participants, as well as to recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants. The CFTC proposed the elimination of the Form TO annual notice reporting requirement for otherwise unreported trade options in CFTC Rule 32.3(b). Under the proposal, a counterparty that is not a swap dealer (